The Scream star is a long-time supporter of The Art of Elysium, which helps celebrities visit sick children in hospital, and was the guest of honour at the organisation's sixth annual Heaven Gala on Saturday (12Jan13).
Arquette regularly volunteers his time to support the cause, along with stars including Ben Affleck and James Franco, and charity bosses praised his ongoing commitment with the Spirit of Elysium honour.
Arquette tells Entertainment Tonight he was "very humbled" to be recognised, adding, "Once you interact with the kids on a personal level, it sort of changes your life. It's very touching. It's an amazing opportunity to help them just get lost in their creativity for a moment."
Kelly Osbourne, who also works with the foundation, says, "This is one of my favourite charities in the entire world, and I love working with them. If anyone ever gets the opportunity to take part in any of the programs... I encourage you to do so because the first time I did it, it changed my life. I left there a different person."